The world’s richest 1% have more than twice the wealth of the rest of humanity combined, according to Oxfam, which called on governments to adopt “inequality-busting policies.”
In a report published ahead of the World Economic Forum’s annual meeting in Davos, the U.K.-based charity said governments are “massively under-taxing” rich individuals and corporations, and under-funding public services.
Oxfam’s ‘Time to Care’ report also highlighted gender-based economic disparities, saying women and girls were burdened with disproportionate responsibility for care work and fewer economic opportunities. “Economic inequality is out of control,” with 2,153 billionaires having more wealth than 4.6 billion people in 2019, it said.
“Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women,” said Oxfam India Chief Executive Officer Amitabh Behar. “No wonder people are starting to question whether billionaires should even exist.”
Billionaires’ Fortunes
The world’s three richest people amassed a total of $231 billion over the past decade, according to data compiled by Bloomberg. Facebook Chief Executive Officer Mark Zuckerberg -- the fifth-richest person in the world -- had the highest boost last year, with a net gain of about $6 billion. Amazon.com Inc CEO Jeff Bezos still claims the top spot with a net worth of $116 billion.
The total wealth of the top 20 billionaires has doubled from $672 billion to $1,397 billion since 2012, according to Bloomberg Wealth.
The world's 3 richest people in 2019 have added a total of $231 billion to their fortune over the past decade, according to @wealth. An individual who saved $10,000 a day since the construction of Egypt’s pyramids would still only have a fifth of the average fortune of the world’s top five, Oxfam said.